Washington State proposed bill to make gold and silver legal tender

Discussion in 'Bullion Investing' started by GreatWalrus, Jan 31, 2012.

  1. webomatic

    webomatic Member

    Please show me the framework regarding this assumption of yours. No where does it say or imply that the State has to accept PM within every point of sale. Again, you are arguing the >1%. And I don't think the residences of Washington are going to revolt. They can simply use fiat paper :)
     
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  3. fatima

    fatima Junior Member

    No different than someone showing up to pay a $2000 bill with pennies. In practice it's not an issue. This is even assuming there isn't specific legislation.

    I rank this with your ranting about monkeys, unicorns, and fake sisters speaking ebonics.
     
  4. mrbrklyn

    mrbrklyn New Member

    what do you think Legal Tender means?
     
  5. mrbrklyn

    mrbrklyn New Member

    [video=youtube;a1qRFpViL6w]http://www.youtube.com/watch?v=a1qRFpViL6w[/video]
     
  6. mrbrklyn

    mrbrklyn New Member

    An American decided to write a book about famous Mosques around the world. So he bought a plane ticket and took a trip to China.

    On his first day he was inside a Mosque taking photographs when he noticed a golden telephone mounted on the wall with a sign that read "$10,000 per call".

    The American, being intrigued, asked a priest who was strolling by what the telephone was used for. The priest replied that it was a direct line to heaven and that for $10,000 you could talk to Allah. The American thanked the priest and went along his way.

    Next stop was in Japan. There, at a very large Mosque, he saw the same golden telephone with the same sign under it. He wondered if this was the same kind of telephone he had seen in China and he asked a nearby Holy man what its purpose was. He told him that it was a direct line to heaven and that for $10,000 he could talk to Allah. "O.K., thank you," said the American.

    He then traveled to India, Sri Lanka, Russia, Turkey, Israel, France, Germany,. In every Mosque he saw the same golden telephone with the same "$10,000 per call" sign under it.

    The American, upon leaving Vermont decided to travel to Pakistan to see if Pakistanis had the same phone. He arrived in Pakistan, and again, in the first Mosque he entered, there was the same golden telephone, but this time the sign under it read "One Rupee per call."

    The American was surprised so he asked the priest about the sign. "Imam, I have traveled all over World and I have seen this same golden telephone in many Mosques. I am told that it is a direct line to Heaven, but everywhere the price was $10,000 per call."

    "Why is it so cheap here?"

    The priest smiled and answered, "You are in Pakistan now, son - it is a local call".
     
  7. webomatic

    webomatic Member

    Again, you are overshooting.
     
  8. InfleXion

    InfleXion Wealth Preserver

    As a resident in Washington State I do not feel qualified to speak on behalf of anyone but myself. How you feel justified to do so as a non-resident is beyond me. Maybe you should ask your sister to tell you a bit about Evergreen State College. If there is a revolt it will not be because of this bill. There are a lot of activists in this area, and in my encounters with people there is an increasing amount of understanding and support for precious metals these days since most people understand that the printing presses have been on full speed ahead for a few years now. It's not cutting edge information at this point.
     
  9. webomatic

    webomatic Member

    Full speed indeed


    Your illustrations and text from the homerlockportillinoisteaparty.org have been removed. If you wish you may link to it, but do not copy/paste anything that could be copyrighted~ see rules


    Jim
     
  10. InfleXion

    InfleXion Wealth Preserver

    Putting on my necromancer hat today, because I just came across this article which perfectly articulates the inverse of Gresham's Law and why it is relevant today. You heard it here first, Inflexion's Law is coming into effect! :D

    http://www.marketwatch.com/story/could-amazon-run-central-banks-out-of-business-2013-02-13

     
  11. kaosleeroy108

    kaosleeroy108 The Mahayana Tea Shop & hobby center

    Ok this issue has been covered before , its already legal tender... been since the conception of this nation... and then some .. y'all people need to stop beating that dead horse...
     
  12. InfleXion

    InfleXion Wealth Preserver

    This has nothing to do with why the thread was brought back up.
     
  13. medoraman

    medoraman Supporter! Supporter

    Gresham's Law only deals within a currency. Originally I believe you were trying to say silver or gold USD would drive base metal coins from circulation. No, it would not, Gresham's Law would operate, just like it did in 1965, just like it is doing currently with cents, just like it did in 1873, just like it did in 1853, etc. Within a currency, lower intrinsic value coins drive higher intrinsic value coins from circulation.

    Now what you are talking about is different CURRENCIES. That is a completely different story. Relative strengths in currencies have nothing to do with Gresham's Law, since they are not seen as true substitutes.

    So, they have nothing to do with each other.
     
  14. GreatWalrus

    GreatWalrus WHEREZ MAH BUKKIT

    Holy cow, this thread still exists :D
     
  15. InfleXion

    InfleXion Wealth Preserver

    No, it has nothing to do with coins in this case. I was saying that a metal currency of any kind (whether physical or metal backed paper) would drive non-metal currencies out and return us to a non-inflationary environment.

    Gresham's Law does not apply the same with fiat because there is no intrinsic value, exactly what the article said. The bad (fiat) wouldn't drive out the good (metal) as Gresham's Law would imply, but instead the good would drive out the bad, because fiat is an inferior currency and would fall by the wayside due to undesirability as opposed to disappearing due to hoarding. The effect is the exact opposite of Gresham's Law, known affectionately as InfleXion's Law :)
     
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